Plan Participant. An individual who is eligible to participate in a Plan. Plan Sponsor - An entity maintaining the Plan on behalf of Plan Participants, Alternate Payees and Beneficiaries. Qualified Domestic Relations Order (QDRO) - A domestic relations order that: (i) creates or recognizes the existence of an Alternate Payee’s right to, or assigns to an Alternate Payee the right to, receive all or a portion of the benefits payable with respect to a Plan Participant; (ii) complies with applicable requirements of the Code and/or ERISA; and (iii) is approved by the Plan Sponsor or its designee. Ratchet - An increase in the Benefit Base if the Covered Fund Value exceeds the current Benefit Base on the Ratchet Date, pursuant to Section 8.03 and Section 9.04. GWL&A of NY will not increase Installments to reflect a Ratchet unless directed to do so by the GLWB Participant.
Plan Participant is any employee, retiree or COBRA beneficiary who is properly enrolled and eligible for benefits under the Plan.
Plan Participant. Actively employed individuals, owners, partners or other individual union members, association members or other Plan participants designated by Employer who meet the eligibility criteria in the Booklet and any additional eligibility criteria indicated on Schedule A. These individuals must complete any probationary period required by the Employer and satisfy Anthem’s underwriting rules, consistent with applicable laws. Retirees are also eligible for coverage under this Contract, if indicated on Schedule A.